The former Fed governor has spent more than a decade publicly challenging the central bank he is now tasked with leading.

Kevin Warsh wraps up his first Federal Open Market Committee meeting with tumbling oil prices ​and a tentative peace offering a helpful backdrop for leaving interest rates on ‌hold, as traders expect.

Given that tension, the bond market has largely stepped back from bold directional bets, instead favoring a more neutral duration stance and a tilt toward higher-quality fixed-income debt.